Powszechny Zaklad Ubezpieczen SA plots up to PLN 3 billion issue of subordinate bonds, mostly to refinance a planned early redemption of PLN 2.25 billion in bond debt. PZU will seek to redeem early PLN 2.25 billion in 10 year bonds maturing in 2027. The early redemption is scheduled for July 29.

As the new issue will take place ahead of the redemption, PZU may temporarily exceed financial leverage level described in its capital and dividend policy. The new bond issue will be subject to approval by shareholders.